The Turkish insurance industry is seeing the impact of digital transformation in almost every aspect of insurance functions, from customer relations to preventing insurance fraud, as Mr Emine Feray Sezgin, vice president of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) said at the recent 4th International Insurance Summit organized by the Insurance Association of Turkiye (TSB).

He evaluated the impact and opportunities of artificial intelligence, machine learning, and digital innovation, which are important components of digital transformation in the insurance and reinsurance sector, and the role of public authorities in the process, Middle East Insurance Review writes.

Mr Emine Feray Sezgin emphasized the importance of the opportunities offered by AI, particularly in reinsurance pricing. "AI brings both accuracy and speed to the sector. By analyzing much larger data sets, algorithms minimize uncertainty and make reinsurers' capital use more efficient. This also leads to portfolio optimization", he said.

Mr Sezgin said that the SEDDK sees the sector's digital transformation not only as a technological advancement but also as a process that strengthens the rights of policyholders, ensures a more equitable distribution of risks, and increases resilience, the source added.